Techcombank (TCB) Leads Vietnam Banks as Service Fee Income Jumps 62.5%

Overview

Techcombank (TCB), listed on HOSE, posted VND 10,425 billion in net service fee income for the first nine months of 2026, up 68.1% year-on-year, ranking first among 27 Vietnamese banks surveyed from Q3 2026 financial statements. Aggregate service fee profit across the group rose 62.5% to VND 79,159 billion, lifting the fee share of total operating income to 12.6% from 9.2% a year earlier.

Key Facts

• Combined 9M2026 net service fee income across 27 banks reached VND 79,159 billion, up 62.5% year-on-year, an increase of roughly VND 30,450 billion.
• Q3 2026 alone contributed VND 29,912 billion in service fee profit, up 77.2% from Q3 2025.
• Techcombank (TCB) ranked first at VND 10,425 billion (+68.1%), with fees equal to 23.1% of total operating income.
• VPBank (VPB) ranked second at VND 8,644 billion (+76.3%); Sacombank (STB) rose seven places to third at VND 8,206 billion, 3.5 times the prior-year figure.
• LPBank (LPB) posted VND 5,977 billion (2.4x) and SHB VND 5,745 billion (3.0x), with fees at 31.2% and 21.8% of operating income respectively.
• BIDV (BID) fell to seventh at VND 5,442 billion (+5.5%); Vietcombank dropped to twelfth despite a 3.9% increase.
• SHB and VIB (VIB) entered the top ten, displacing TPBank and Vietcombank.

What Happened

The figures are compiled from Q3 2026 financial statements of 27 Vietnamese banks, as reported in the source article. Net fee and commission income, which excludes trading gains and pure interest margin, grew fastest at mid-sized and joint-stock commercial lenders, while the two largest state-owned banks by fee base, BIDV and Vietcombank, recorded single-digit growth of 5.5% and 3.9% respectively.

Techcombank retained the top position it also held in 9M2025, when its fee income stood at VND 6,201 billion, implying an increase of more than VND 4,200 billion over the period. The bank’s fee contribution of 23.1% of operating income is well above the 12.6% system average, indicating a business mix weighted toward cards, payments, bancassurance and wealth management rather than net interest income. Sacombank’s climb from tenth to third and LPBank’s rise from ninth to fifth represent the sharpest reorderings in the ranking.

Market Context

TCB closed at 22 on 4 November 2026, up 0.47% on volume of 1,495,500 shares, a modest move that suggests the fee-income data had limited immediate price impact. Peer VPB closed at 22 (+1.65%) on heavier volume of 3,564,600 shares, while STB closed at 67 (+0.75%). CTG, the VietinBank ticker, last printed at 30,050 on 3 November 2026. The banking sector remains the largest weight on the HOSE index, and fee-income diversification has become a central differentiator as net interest margins face compression from deposit competition and credit-growth quotas.

Strategic Significance

The ranking matters less for the absolute fee number than for the mix shift it reveals. Vietnamese banks have historically depended on net interest income for 80-90% of revenue; a system-wide fee share of 12.6%, up from 9.2%, signals that payments, cards, insurance distribution and digital banking are becoming a durable second earnings engine. For TCB, a 23.1% fee share provides earnings resilience if credit growth is capped or provisioning rises, and supports a premium valuation argument relative to lenders still reliant on spread income. The divergence between fast-growing joint-stock banks and slower state-owned peers also points to a competitive shift: private banks with stronger digital platforms are capturing fee wallet share from incumbents.

What to Watch

• Full-year 2026 audited financial statements, expected in early 2027, to confirm whether Q4 fee growth sustains the 77.2% quarterly pace.
• Disclosure of fee composition (cards, bancassurance, payments) in TCB’s annual report, to assess recurrence versus one-off gains.
• Bancassurance regulatory developments, given the sector’s reliance on insurance distribution fees.
• Credit growth quota allocations from the State Bank of Vietnam for 2027, which shape the interest-income offset.
• Foreign-ownership and block-trade filings for TCB, VPB and STB, which may affect liquidity in the near term.